Total Interest Payable
Total Payment (Principle + Interest)
Your EMI will be per month
Also known as a term loan interest calculator, it uses a mathematical formula to compute EMI, interest and the total amount payable.
The formula used is –
E = P x r x (1 + r) ^ n / [(1 + r) ^ n - 1]
Once the principal, rate of interest and tenor are entered, it displays three results –
Input the loan amount to be availed
Choose a loan tenor
Enter the rate of interest applicable
Once these data are put in, the calculator will display the results in the form of EMIs.
A term loan calculator is a useful financial tool available for comparison among various loan options or loan terms. Make your comparison as per the applicable term loan interest rates for different financial institutions to choose the best option. Also, try different tenor options to find the most beneficial balance between EMIs and the total cost of the loan.
Additional Read: What is Term Loan?
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